Vajinath M Gavarshetty has been appointed as the new Chief Executive Officer of troubled Dewan Housing Finance Corporation (DHFL). His appointment will come into effect from 21 November, 2019. Gavarshetty will be reporting to R. Subramaniakumar, the administrator appointed by the Reserve Bank of India.
DHFL had appointed Gavarshetty as the new CEO as per the recommendations of the core committee of lenders in alignment with the firm’s internal committee on 1st October. Gavarshetty is the ex-chief general manager of State Bank of India.
Gavarshetty joins DHFL in the same week in which RBI has dissolved the board of the housing finance company and appointed Subramaniakumar as the administrator in its place to supervise the governance concerns and defaults by DHFL in adhering to various payment obligations.
Further, the RBI has formed a three-member advisory committee for advising the administrator of DHFL. IDFC First Bank’s Non-Executive Chairman Rajiv Lall, ICICI Prudential Life Insurance’s Managing Director and Chief Executive N S Kannan, and mutual funds’ association AMFI’s Chief Executive N S Venkatesh will be part of the panel.